Plentific, which manages around 400,000 properties in the U.K., Germany and U.S. says the acquisition will improve its tech capabilities. Plentific’s services are used by big housebuilders, including L&Q and Notting Hill Genesis in the U.K.
TouchRight was founded in 2012 by husband-and-wife team Terry and Rachel Lightfoot. The company uses an award-winning reporting app to help real estate professionals and contractors produce fast, paperless inspection reports, including inventories, midterm contract reports and risk assessments all combined and accessible with a few clicks. It is used by 500 clients across the U.K. It claims its app can reduce operational overhead by up to 50%.
By incorporating TouchRight’s product onto its platform Plentific will improve productivity from mobile devices and add automation and speed to the services it delivers, including repairs, maintenance and compliance services. Other improvements include better reporting capabilities on asset conditions, inventories and safety checks and improved end-to-end workflow linking issues that need to be addressed by its nationwide contractor marketplace, which will provide operational efficiencies for clients.
Plentific is one of Europe’s leading proptech firms and provides landlords with property repairs and maintenance software. TouchRight will be incorporated into Plentific’s app-based service. Plentific has received £72 million ($97 million U.S.) in backing from a range of investors in a third round raise in August 2020, and £24 million in November 2019.
“This is a great move for all parties, and our existing customers will benefit from a great deal more functionality as part of the Plentific platform,” said Rachel Lightfoot.
TouchRight provides agents and lettings managers with flexible reporting capabilities and the ability to create professional reports that are TDS/DPS compliant. They are designed to give users the ability to review, comment and sign inspection reports remotely. TouchRight’s software supplements what Plentific already offers landlords, contractors and tenants via the properties it manages.
“We’ve had a phenomenal year of growth, with a Series C funding round helping us more than double headcount to over 200 employees and empowering us to build more client services,” said Cem Savas, Plentific CEO.
“We have only just scratched the surface of a $2.5 trillion potential market opportunity, and the acquisition of TouchRight will enhance our service to landlords and better enable us to capitalize on this potential.”